Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market was up in trading Wednesday, with the Dow Jones Industrial Average hitting a record high after Federal Reserve Chairman Jerome Powell signaled that the regulator was not going to change the course of monetary policy. The Standard & Poor's 500 rose 44.06 points (1.14%) to 3,925.43 points.

S&P 500, H4

Pivot: 3925.00

Analysis:

Provided that the index is traded above 3895.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3925.00
• Take Profit 1: 3950.00
• Take Profit 2: 3970.00

Alternative scenario: 

In case of breakdown of the level 3895.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3895.00
• Take Profit 1: 3875.00
• Take Profit 2: 3857.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 3925.00

Analysis:

While the price is above 3865.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3925.00
• Take Profit 1: 4110.00
• Take Profit 2: 4260.00

Alternative scenario:

If the level 3865.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 3865.00
• Take Profit 1: 3780.00
• Take Profit 2: 3695.00

Comment:

RSI is bullish and indicates further increase.

Key levels: